12.5kg cooking gas prices soar to N12,500 on Nigeria's 63rd Independence day

12.5kg cooking gas prices soar to N12,500

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By Akinsuroju Olubunmi

12.5kg cooking gas prices soar to N12,500 on Nigeria’s 63rd Independence day12.5kg cooking gas prices soar to N12,500 on Nigeria's 63rd Independence day

As Nigeria commemorates its 63rd Independence Day, the price of a 12.5kg Liquefied Natural Gas (LNG) cylinder, commonly used for cooking, has surged to N12,500, according to recent findings. Market surveys conducted by reporters indicate a significant jump from the previously reported price of N10,000 towards the end of last month in Lagos.

Olatunbosun Oladapo, President of the Nigerian Association of Liquefied Petroleum Gas Marketers, had earlier cautioned that the cost of the 12.5kg cooking gas could potentially escalate to N18,000 by December unless the Federal Government intervenes in regulating the actions of terminal owners. Despite this warning, Oladapo revealed that the government has not yet intervened, stating, “Yes, the price is now N1,000 per kilogram but the government is yet to step in despite a meeting we had with the NMDPRA.”

He further explained that gas retailers continue to purchase 20 metric tons of gas for N14 million at the depot, highlighting the increased expenses associated with transporting gas from Lagos to the North due to elevated diesel costs. Oladapo expressed hope for price reductions to enable wider accessibility and affordability of gas for the general population.

Previously in September, terminal owners elevated the price of cooking gas from a range of N9 million to N10 million per 20 metric tons to N14 million, citing high foreign exchange rates as a justification. Olatunbosun Oladapo emphasized that these price hikes exacerbate the challenges faced by the public.

Despite these developments, spokespersons for NavGas and Nipco Plc, key players in the gas industry, did not respond to reporters’ inquiries. The situation underscores the pressing need for regulatory intervention to stabilize gas prices and alleviate the burden on consumers.

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